The current trend is controlling by bear which is pretty obvious concerning the fundamental issue. So I'm expecting the market may fall more. There is also a Gartley completing around 171.5 and a ABCD completing around 171.12 which can be a good point to buy the pair.
But before that, let us have to wait to break the golden ratio 61.8% which is around 176. Else,...
EURGBP is on very serious key support now. If 0.72200 level broke, this pair clearly will climbdown stronger to 0.71650 before bouncing back on retracement to 0.72270.
This retracement level is the most suitable level for go short again and swing down to the next target at 0.71000.
1. Break level 0.72200, it will drop down to 0.71650
2. At 0.71650, wait for...
PRICE AT AN IMPORTANT KEY LEVEL AND JUST BOUNCED OFF THE RESISTANCE TURNED SUPPORT FORMING A DOUBLE BOTTOM. ALSO THIS KEY LEVEL IS IN CONFLUENCE WITH THE 0.5 FIB LEVEL. GBP AVERAGE HOURLY EARNINGS IS EXPECTED TO COME OUT BETTER AT 2.2% AND THE REASON WHY THIS IS IMPORTANT IS BECAUSE THE BOE (BANK OF ENGLAND) SAID THEY'LL BE MONITORING HOURLY EARNINGS DATA. IF...
While the greenback is smashing upwards, I think that the GBP is starting to look interesting.
The last couple of weeks, the GBP has been pulling back across most pairs, but now i think it is about time to go long.
I see opportunities on a number of GBP paris, but to minimize exposure I have selected my favorite; GBPNZD.
The overall momentum has been bullish...
I messed up the original post for this so I am trying again.
The Canadian Dollar has rebounded well against the British Pound leaving a bigger picture demand zone below @~0.5140.
Price is now coming to an area where there might be a sharp decline away. This supply zone @~0.5360 is also the 50% pullback area of the original down move indicated by the red...
Short opportunity on the hourly; went short when the GJ broke through the cloud, the kumo switched and chikou broke through the price line.
If the strong resistance @ 178.76 breaks (resistance at the daily and H4) we can see a new low at 176.26.
"If" we reach that level a nice double top will be completed at the daily driving price only lower.
Guess we will take...
GBPNZD has been working its way into a descending triangle for a while and should be coming to the end of it now.
Descending triangles at the end of big extended rallies usually lead to a collapse in prices.
We should a rally soon. Hopefully to the top of the triangle so we can get more pips as it breaks the overly tested area @ ~2.03400.
The supply zone @...
I have been following GBPUSD since the last week in February (24/02/2015) and got in on a short (with a limit order filled on 26/02/2015) of the pair @ ~1.55500.
I racked up 140 pips by the end of day but I locked in 110 pips and let the market kick me out.
The market is moving back towards the bigger picture demand zone below @ ~1.52480 which should see a...
Since the summer of 2013, I've maintained a bearish stance on the EURGBP cross as I correctly anticipated the central bank divergence theme (article in French : bit.ly). Back in December, I indicated that this pair could reach £0.72 with a break of the 2012 lows. This target is almost reached, and I will be watching the euro for the first signs of a corrective...
Technical View:
GBP/USD has broken out of a 6 month descending channel on the weekly chart to the upside. The initial bullish surge occurred at the key psychological level of 1.5 forming a triple bottom formation.
This suggests that the bearish pressure is diminishing and that we may see an established bullish reversal. A retest of the backside of the channel...
At the time of publishing my last chart and subsequent update to this pair, where I suggested possible significant low to form did not materialise.
Due to the nature of decline following ECB's QE announcement, it seems to be still in wave 3 decline. Wave 3 often extends and are very strong. This is what appears to have happen, where the complete cycle was...
Looking at a potential reversal point depending on the daily close. PA seems to be foriming a double top which may push price back down to previous support of 180.400. Look for dynamic resistance from the the 20 & 50 EMAs. If price breaks the 184.150 level we will look for a pullback entry.
In my previous longer term chart of GBPUSD the low I anticipated did not materialise at the level noted on the chart and the prevailing bearish trend continue to recent low.
From the move up from that low , it is nor very clear if that final low has been formed or we will retest that low to form longer term low.
However, in the short to intermediate term there...
This is a pure example of Rising wedge chart pattern to trade on.
This pattern is bounded by two converging trend lines. We know this pattern is usually traded for a reversal trend. It is a bearish pattern which signals us the pair is likely heading downward.
Though, it is also indicates that a continuation of the trend. If it fails to break the bottom trendline...
The GBPUSD has made some strong gains off the sub 1.5 level or so several weeks back, and has solidly broken above a descending wedge resistance line on the weekly chart. The weekly RSI, Stochastics and MACD are all fairly bullish, with a positive crossover occurring on the weekly MACD. As shorter timeframe charts reveal a bit of fatigue and consolidation ahead...
